The state Treasurer's Office says TD Bank did not process banking files on time for electronic payment to 7,059 retirees of the Vermont State Teachers' Retirement System. As a result, funds normally available Wednesday will not be available until 8 a.m. Thursday. Retirees who are customers of TD Bank, however, will have their funds available later Wednesday.

The issue only involves retirees who receive their pension payments electronically. TD Bank will cover any late charges, overdrafts or other penalties that result from the delay.